The progression of ransomware over the years
The Initial Phase of Ransomware
The concept and execution of ransomware was first observed in the 1980s with the development of a software called “PC Cyborg.” This particular piece of trojan software was disseminated via floppy disks and would encrypt files within the user’s system. Following the encryption, they would be presented with the option to pay a ransom (usually set at $189) for file access. Although basic in nature, this version set the pace for future versions of ransomware.
The Rise of Crypto Ransomware
There is a noteworthy change in the outlook of ransomware around the mid-2000s. The beginning of crypto ransomware was a vital milestone within this scope. Unlike the prior versions that only locked the user’s screen, Crypto ransomware encrypts files and obstructs access unless a decryption key is provided. Durand in 2013, ransomware like CryptoLocker came onto the stage which use stronger encryption methods to lock the data of users. This coping period showed the advancement in the sophistication of cybercriminals while demonstrating the sharp increase in potential financial reward that could be obtained.
How Crypto Ransomware Works
Crypto ransomware usually enters a user’s system through phishing emails or exploit kits. After being set off, it looks for certain file types, including documents, images, and databases. Once encryption is complete, a ransom note pops up on the victim’s screen detailing the payment amount alongside the instructions which is, most of the time, in Bitcoin or another cryptocurrency to ensure anonymity.
Targeting Businesses: A New Strategy
As technology around ransomware advanced, the targets changed as well. Cybercriminals shifted their focus from individuals to businesses and organizations. The attacks became more executed with a focus on healthcare, finance, and other critical infrastructure industries where downtime would be extremely costly to operations.
High Profile Attacks
Other important attacks that illustrate this shift include the groundbreaking 2017 WannaCry attack that impacted over 200,000 computers in 150 countries. This attack exploited a Windows operating system flaw, showing how ransomware was emerging as a worldwide threat. These attacks became a reality for organizations that neglected to prioritize cybersecurity.
The Implementation of Double Extortion:
Criminal groups have started adopting the double extortion method. In this case, the attackers not only encrypt the files, they also take sensitive information. If an organization does not concede to the ransom, the criminals threaten to make the sensitive data public. This method tightens the noose further forcing the victims to relent. Ransomware groups like Maze and REvil are said to have propagated this trend, which has become as the order of the day for almost all ransomware attacks now.
The Impact of Ransomware-as-a-Service (RaaS)
The introduction of Ransomware-as-a-Service (Raas) has changed the face of cybercrime. In the RaaS model, developers design ransomware and share it with other criminals for a predetermined profit share. Such a model increases the appeal of new cybercriminals, including those lacking skills, as they can easily initiate advanced attacks.
How RaaS Operates
Raas “marketing” is based on offering full packages with support, simple dashboards, and even tutorials for novices. In addition to comprehensive marketing services, these platforms include many plugins to assist with distribution, payment processing, negotiation, and even communicating with the victims. Because of this, more actors have turned to launching ransomware attacks which has inundated the market as disparate threat actors assault multiple industries at the same time.
Developing Patterns in Ransomware
Ransomware will continue to evolve with further developments. Here are a few developing patterns that one should know of.
Attacking the Supply Chain
Attackers are now targeting supply chains more, a tactical move that can take out several businesses at once. If a single vendor is breached, the attacker can sell it to dozens of clients and their ecosystem multipliers. The SolarWinds attack breaches was a prime example where a compromised software update scattershot thousands of organizations, demonstrating theagnitude of damage such attacks can inflict.
Mobile and IoT Devices
The expansion of the Internet marks the extension of the risk of ransomware beyond computers to mobile phones and Internet Of Things (IoT) devices. These devices are relatively unprotected when compared to others, making them susceptible to ransomware attacks. Moreover, working from home has led a greater number of people to use unsecured networks, increasing the opportunities for cyber criminals.
Ransomware in Disguise.
Perhaps one of the most worrying trends is ransomware being disguised as other types of malware such as banking Trojans or spyware. This increases the complexity of detection and prevention. Ransomware camouflaged among other forms of malware, traditional security measures can be bypassed.
Who Are the Targets of Ransomware?
Individuals
Even though the majority of the ransomware attacks target corporations, individuals are not left out. Cybercriminals often employ the phishing technique along with fraudulent websites to gain access to personal machines. People fall into the trap of downloading ransomware masquerading as software or game patches.
Common Targets
Some of the individual targets are people who keep important private data such as pictures, videos, password files, and bank details. In some instances, losing this data can be so detrimental emotionally and materially, that other people may pay the ransom irrespective of advice given against it.
Small and Medium Enterprises (SMEs)
Ransomware attacks are particularly appealing to small and medium enterprises because these businesses tend to have less comprehensive cyber security infrastructure compared to larger organizations. Most of the SMEs might lack the need for IT support staff which makes them softer targets for cyber criminals who prey on the unprotected.
The Cost of Attacks on SMEs
For SMEs, the financial implications of inactive systems and information outages can be extremely significant, as they often not only pay a ransom but incur further costs relating to data retrieval and system rebuilding. Regrettably, many small and medium enterprises do not survive these assaults and are forced to shut down permanently.
Corporate
Ransomware attacks are common with large organizations due to their networks and data. Big companies are considered prime targets as they are known to pay huge ransoms.
An Example of Extreme Business Risks
Colonial Pipeline is a good example. In 2021, the company suffered a ransomware attack in which they paid close to 5 million dollars just to regain access. This scenario precisely demonstrates how companies, even the most powerful ones, can succumb to the overwhelming financial burdens induced by ransomware attacks.
Public Organizations and Critical Infrastructure
Now, government bodies and critical infrastructure like hospitals, the power grid, and transportation tend to be attacked more frequently. These sectors are at a risk of incurring massive financial losses, while also disrupting society greatly.
Societal Security Consequences
Ransomware attacks crippling hospitals for instance, can restrict patient care, result in postponement of surgeries, and even put confidential health information at risk. There is a lot of urgency needed in these sectors, so people attacked might end up feeling obligated to do what the attackers demand.
Actions Taken by the Government
Governments have started to deal with cybercrime by coming together in alliances, and pooling funds and support. Protecting infrastructure has become a clear and dire need, making nations collaborate even more to provide shield against cybercriminals.
Ransomware Security Measures
Data Backups
Data backups are an efficient anti-ransomware strategy. Keeping copies of vital data on different systems allows individuals and organizations to mitigate the serious impact of ransomware attacks.
Optimal Backup Strategies
Data must be backed up on a regular basis and stored in a variety of locations, both onsite and offsite. Moreover, backups should be stored offline and safeguarded against ransomware which means they should not be mounted on the same network as operational data.
Phishing Awareness Training
Ongoing security training for staff members is an imperative investment. Human negligence is often the number one reason for ransomware breaches, usually stemming from poorly executed phishing scams.
How to Conduct Phishing Training
Training should focus on recognizing phishing emails, the dangers of opening and downloading files, and proper data management policies. Running fake phishing drills can evaluate an employee’s ability to follow set guidelines.
Update All Software Regularly
Ransomware attacks can be curbed by properly and regularly updating all software. Unpatched outdated systems are often the primary targets for ransomware attacks as they exploit known vulnerabilities. Regular maintenance updates frequently include critical patches and fixes.
Automating Updates
Where possible, set to automatically update the operating system and all applications. This helps to eliminate the chances of attackers taking advantage of outdated systems.
Implementing Strong Access Controls
Restrict access to sensitive files or data according to users’ responsibilities. Not all employees require every piece of information. Access containment can help curb the spread of ransomware.
Best Practices for Access Control
Multi-factor authentication elevates security. Also, ensure granting access to a user does not exceed what is necessary for their current roles by conducting periodic access reviews.
Endpoint Protection Solutions
Having advanced endpoint protection should be a priority within your organization. Such solutions usually encompass real-time monitoring, behavioral analysis, and automated remediation.
Features to Consider
Comprehensive coverage beyond mobile devices ensures there are no gaps in your defenses. Endpoint solutions ought to feature ransomware detection, active monitoring, and alerting for suspicious behaviors such as file ecryption.
Network Segmentation
In case of an attack, network segmentation can prevent the malicious activity from spreading across the network. Segmentation helps to restrict the scope of the damage to a designated area.
Implementing Segmentation Strategies
As a baseline, an organization should categorize its data and systems as per their level of sensitivity as well as access requirements, using firewalls to install boundaries between segments. Regular architectural reviews and updates are also useful.
Planning for an Incident Response
Assuredly, having a detailed incident response plan arms an individual or an organization even before the ransomware assault. These plans must elaborate on response actions, strategy for communication, and recovery procedures.
What Should an Incident Response Plan Contain
Delegate all critical tasks through relaying contacts and covers for all communication notifications to all parties concerned. Routine exercises along with consistent revisiting of the aforementioned plan can ensure operational ease should an attack ever happen.
The Role of Cyber Insurance
While it is not a substitute to preventive actions that should be taken beforehand, cyber insurance can help financially in the aftermath of a ransomware assault. This insurance type can service ransom costs, recovery fees, and even the revenues that have been subsumed.
The Most Appropriate Cyber Insurance Policy
In the case of cyber insurance, assess remaining policies and scrutinize the available scope of coverage against the list of exclusions. It secures that which needs to be defended, which is the foremost posed risk by the organization.
Remaining Up To Date With Changes in Cybersecurity Policies
Cybercriminals are evolving the landscape of ransomware attacks on a daily basis. In order to safeguard themselves, organizations need to have adequate information on what malicious cybercriminals are employing against them. By being proactive and enforcing stringent security measures, the exposure risk can be mitigated, and critical information can be well protected against ransomware threats.
